February 10, 2021

Wealth Check-up or Health Check-up?

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This might seem like a rather silly title for any article since nearly everyone would probably subscribe to putting the state of their personal health before that of what money they have. And so it should be. I, too, would agree with health before wealth. But, could it be time for a wealth check-up also?

This being said, we all have little idiosyncrasies when it comes to looking after our own health. We may eat the wrong type of foods or even drink the wrong type of fluids, sometimes to excess. We may not exercise at all and be the proverbial couch potato, despite making new years resolutions to the contrary every January.

Looking after money falls into the same broad area of lack of response, except that in many cases complacency or even, dare I say it, desperation has set in with how we go about our financial affairs. Ask any person how much they are worth, what debts they have, what is their regular household expenditure, what their pension will be likely to provide them with in retirement or how much their family would have to live on if they died today and you will probably get a blank stare, mainly because most people have not taken the time to do a WEALTH check.

At least if you decide to do a Health check, it may be driven by the fact that you feel an ache, pain or cough and the local GP is just around the corner so if you feel really bad you have someone close to hand to go to.

But what about your Wealth? It may be aching and coughing without you knowing it. Like many, you may be balancing your daily expenses very well but overlooking achieving a rate of return beyond deposit interest on your disposable income. You may be contributing to a pension but do you have a threshold contribution strategy that offsets your tax liability in comparison to your other expenses? You may be a business owner but are you in the correct pension for you and your staff? Do you have an exit strategy that incorporates your Pension and business drawdown and could you explain it to a third party clearly if asked and provide a rational for not choosing the other products available?

We all have Wealth check-up needs, what ever your age or stage in life. Come visit us for a check up and we will show you how to fix your underlying Wealth condition and put the spring back in your financial affairs!

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